EVALUATION OF THE LEVEL OF AVAILABILITY OF FINANCIAL SERVICES FOR THE RESIDENTS OF VILLAGES AND RURAL TERRITORIES

new site

This site is no longer updated!
The new website of the magazine is located at https://visnyk.lnup.edu.ua/

 

Visnyk LNAU: Economics of AIC 2021 №28: 74-78

EVALUATION OF THE LEVEL OF AVAILABILITY OF FINANCIAL SERVICES FOR THE RESIDENTS OF VILLAGES AND RURAL TERRITORIES

Sholudko O., Candidate of Economics
ORCID ID: 0000-0003-2264-5638
Hrytsyna O., Candidate of Economics
Syniavska L., Candidate of Economics
Lviv National Agrarian University

https://doi.org/10.31734/economics2021.28.074


Annotation

Development of the financial services consumption has become an important element of the state policy, because that factor influences the successful growth of different industries of the economy. Availability of financial services for the citizens of Ukraine, particularly for rural population, contributes to an increase of the living standards on rural territory, inclusion in the formal economy, development of export activities. Under modern conditions, availability of financial services helps performing financial planning, solving long-term tasks, and managing unexpected situations, related with personal liabilities and solvency. Being responsible and financially competent people, consumers are more intended to use a wide range of financial services, such as payments and savings, crediting and insurance, initiation and development of business, investing in education and healthcare, risk management that significantly improve the total quality of their life.

The research confirms that the poor interest to finance, demonstrated by the financial services consumers of that category, is caused by the preconceived and negative attitude to financial services, low level of rural population interaction with the financial market, poor financial competence of rural residents, insufficient Internet coverage of the rural area and remote distance to the financial institution offices. The low financial competence of population and business structures can aggravate the gap in the living standards on rural area making negative impact on the GDP formation. Involving rural youth in financial services will contribute to financial education and literacy, and thus to the financial inclusion of the older generation.


Key words


financial inclusion, availability of financial services, financial market, financial services, banking, financial competence and culture, financial behavior, financial strategy


Full text


pdf

Link

  1. Almost 23 million Ukrainians regularly use the Internet. URL: mind.ua/news/20204323-majzhe-23-mln-ukrayinciv-regulyarno-koristuyutsya-internetom-doslidzhennya/ (last accessed: 03.03.2021).
  2. Anufriieva K. V., Shkliar A. I. Financial inclusion as a factor of socio-economic development. Ukrainian society. 2019. No. 3 (70). P. 59–77. URL: https://ukr-socium.org.ua/wp-content/uploads/2019/10/59_77_No370_2019_ukr.pdf (last accessed: 03.03.2021). https://doi.org/10.15407/socium2019.03.059 
  3. Danilov Yu. A. The current state of the global scientific discussion in the field of financial development. Problems of Economics. 2019. No. 3. P. 29–47. https://doi.org/10.32609/0042-8736-2019-3-29-47 
  4. Dudynets L. A., Vernei O. E. Financial inclusion and its determinants. Socio-Economic Problems of the Modern Period of Ukraine. 2018. Iss. 2 (130). P. 8–13. URL: http://ekmair.ukma.edu.ua/bitstream/handle/123456789/19088/Radionova_Tsyfrova_dovira_i_ekonomichna_nerivnist.pdf?sequence=1&isAllowed=y/(last accessed: 05.03.2021).
  5. Hruber K. V. Public access to financial services as a component of financial inclusion: evolution and evaluation in domestic realities. History of the people. of Economy and Economic Thought of Ukraine: Collection of scientific works / SI «Institute of Economics and Forecasting of the National Academy of Sciences of Ukraine». Kyiv, 2020. No. 53. P. 407–430. URL: http://ingedu.org.ua/docs/IN_2020_53_407.pdf (last accessed: 04.03.2021). https://doi.org/10.15407/ingedu2020.53.407 
  6. Khan Kashif Hasan. Interest free finance and financial inclusiveness of minority communities in India: a theoretical discussion. Alatoo academic studies. 2018. No. 2. Р. 85–89.
  7. Milana C., Ashta A. Microfinance and financial inclusion: Challenges and opportunities. Strategic change-briefings in entrepreneur ial finance. 2020. No. 29–3. P. 257–266. https://doi.org/10.1002/jsc.2339 
  8. Saha M., Dutta K. D. Nexus of financial inclusion, competition, concentration and financial stability Cross-country empirical evidence. Competitiveness review. 2020. URL: https://www.researchgate.net/publication/341124439_Nexus_of_financial_inclusion_competition_concentration_and_financial_stability_Cross-country_empirical_evidence/ (last accessed: 10.03.2021).
  9. Strategy of the financial sector of Ukraine until 2025. National Bank of Ukraine. URL: https://mof.gov.ua/storage/files/Strategija_financovogo_sectoru_ua.pdf / (last accessed: 25.03.2021).
  10. The digital financial services ecosystem / Focus Group Technical Report. International Telecommunication Union. URL: https://www.itu.int (last accessed: 10.03.2021).
  11. Tiulpeneva M. S. Financial inclusion: content, evaluation, socio-economic significance. Scientific education. 2020. No. 2 (7). P. 351–354.
  12. Ukraine 2030E – a country with a developed digital economy. URL: https://hvylya.net/analytics/economics/ukraina-2030e-kraina-z-rozvinutoju-cifrovoju-ekonomikoju.html/ (last accessed: 26.03.2021).
титулка Агро